Central Bank Approves ZamZam Bank's President

Oct 17 , 2020

The National Bank of Ethiopia (NBE) has approved the appointment of Melika Bedri, an ex-chief financial officer at Commercial Bank of Ethiopia (CBE), as the first president of the pioneering fully-fledged, interest-free ZamZam Bank. Melika, who was relieved of duties at her previous employer in August, had been serving CBE for the past three decades in different positions. She has served as manager of promotion as well as in the treasury department and as assistant vice president for marketing & research. The only sitting female president in the banking sector, she will be the first to break the ice on interest-free banking services in Ethiopia. ZamZam Bank has received its operating license from the central bank and is expected to start operations within the next three months. The Bank, which was under formation for over a year, has managed to raise paid-up capital of over 870 million Br and 1.8 billion Br in subscribed capital from 11,200 shareholders. It reinstated the process of formation a decade later after a failed trial, following central bank approval of IFB operations beyond window service. Currently, more banks are in the making to serve wholly interest-free banking services, including Hijira, Zad, Kush and Huda Banks. Half of the commercial banks in the country provide interest-free window service.


Court Blocks BGI Ethiopia's Assets Trying High Stake Lawsuits

Judges at the Federal First Instance Court issued an injunction last week, halting the sale of BGI Ethiopia's headquarters and the transfer of shares in Brasseries International Holding Limited (B.I.H). The injunction, signed by Judge Girawork Yitbarek, ruled immediate delivery to the defendants. The legal action followed a high-stakes lawsuit filed by Zewudnesh G. Asrat, an 80-year-old woman, against BGI Ethiopia, Jean P. Blavierre, B.I.H, and Hebu Properties Limited. The plaintiff claims a...


Ethiopia's Third Shot at Peace Gets a $6.7m Boost

A 6.7 million dollars to finance the National Rehabilitation Commission (NRC)'s disarmament, demobilisation, and reintegration (DDR) program for nearly 370,000 ex-combatants, was pledged by the Japanese government. The financing will be channelled to the design, implementation and monitoring of the DDR program across eight regional states. Shibata Hironori, ambassador of Japan to Ethiopia, signed the agreement last week at the Ministry of Finance headquarters on King George VI St with Tesfalem...


Digital Startups Seek Level Playing Field

Digital service providers gathered to discuss the complexities of the country's startup ecosystem last week. Weak legal frameworks and limited access to financing emerged as key challenges, despite the potential for digital businesses to thrive. The event, organised by the Addis Chamber of Commerce & Sectoral Associations in partnership with the Center for International Private Enterprise (CIPE), brought together stakeholders from both the public and private sectors. Limited access to...